In recognition of recent high inflation and tightening labor markets, The Croner Company conducted a January Salary Budget Survey to understand current compensation planning. This Survey reported on most current salary adjustment budgets and salary structure adjustments in place as of January 2022.
Participant companies included Croner Survey participants in our annual industry-specific surveys. The industries represented in the Survey included: animation and VFX, digital content and technology, entertainment, local media, software gaming, cable providers and content developers for television and streaming.
The findings concluded that as of January, about half of companies have modified, or are considering modifying, salary adjustment budgets. Fewer have made, or plan to make, adjustments to formal salary structures.
Specifically, approximately one-third of participants with formal salary adjustment budgets have modified budgets. An additional 28% are considering modifying salary adjustment budgets.
Further, among participants with formal salary structures, approximately half do not plan to modify previously planned structure adjustments. Seventeen percent of participants have made modifications to previously planned salary structures adjustments.
For those that have made changes to salary adjustment budgets and / or salary structures in response to inflation, data for the increases are provided in the Survey results. The Survey results provided to participant companies, presented for all companies and separately by industry.
For more information about participation in a Croner Survey, please contact Laurie Krashanoff, Manager, Account Relations, at +(415) 485-5521 or laurie@croner.com.
Follow this link to find out more about The Croner Company’s compensation surveys.